I did a reading for my friend and I pulled the Ace of Cups for how he sees her.
Quick backstory:
They met online and now they've been hanging out more often after work and things like that. So I did the 5-card spread (http://www.tarotforum.net/showthread.php?t=74375). How he sees her is Ace of CUps.

I took that to mean that he sees her as a fresh new start.
Maybe not so much as love, but as a bright new friendship, perhaps with the possibility of love later on.

I tend to see the Aces as undifferentiated aspects of their particular suit and/or element. So the Ace Cups as how person X sees person Y says to me that Person X's feelings haven't quite coalesced yet. There's a lot of feeling there (and in most decks, that feeling is flowing over the edge of the cup), but it hasn't turned into like, love, lust, hate, etc. yet. Basically, person X feels something, but it's too soon to tell exactly what.

In this context I would read the Ace of Cups as sexual attraction: the Ace of Cups being pubic (i.e. a vagina) in the same way as the Ace of Wands is phallic (i.e., a penis).

I love this interpretation, and have never thought of it before, so thank you for bringing it to light. This interpretation would make a lot of sense especially when two people don't know each other well enough to have all of the gushy cups feelings yet.

I take a more simple approach to the Ace of Cups (if this has already been said, I apologize!) I think it's basically saying that he does in fact see potential for those gushy cups feelings to develop.